April 2, 2013 / 5:06 AM / 5 years ago

STOCKS NEWS THAILAND-Siam Makro retreats after stake sale denial

Shares in cash-and-carry wholesaler Siam Makro Pcl fell 2.1 percent to 554 baht, reversing Monday’s 6.4 percent surge, after it denied a report that Dutch trading company SHV Holdings, its major shareholder, planned to sell the Thai operation.

“SHV has informed us that they have not signed any mandate with any financial advisor,” it said in a statement.

“Besides, SHV has not been in contact with any potential buyer, nor had they been approached by any potential buyer, and SHV is not aware of any offer for the business,” Makro said.

The Prachachart Thurakij newspaper reported that the parent company of Makro announced the sale of its business in Thailand together with appointment of a foreign financial advisor to set a selling price and was expected to close the deal at the end of this year.

1159 (0459 GMT)

Reporting by Viparat Jantraprap in Bangkok; Editing by Anupama Dwivedi

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